Many people would agree that it is much easier to buy a timeshare than to sell it again.
Just consider how much time, effort, and money timeshare organizations put forth to get people to just come to a sales presentation. Besides all the contacting and calling, once you are there you can get a lot of free gifts and rewards just for attending the presentation. We have received personally gifts up to $200 worth just for attending (not to mention the free brunch!)
Has this ever made you think how easy it is to resell one once you have purchased it? The honest answer is it definitely is not. You need to already compete with the timeshare organizations and all the resources they have for selling. This also means you will have less means to find buyers and that you will possibly sell for a loss. This is why it is smart to not think of timeshares as monetary investments. They are great investments if you plan to use them, but they are not wise for financial reasons only.
True that many people buy timeshare with the intention of vacationing only but certain unforeseen circumstances may force some timeshare owners to resale their timeshare unit.
So the purpose of this article is to help those who will be looking to resell their purchase. Here are five tips to help you make a successful sale.
1. Check with the developer whom you originally made the purchase through.
Sometimes the developers offer the original buyer an option to resell their timeshare back to the developer. If not find out if your timeshare is associated with a licensed broker handling timeshare resale.
2. Be realistic about your resell options and expectations.
Unlike "traditional" real estate such as houses, homes, and condominiums, timeshare properties will often sell for less than the purchase price. That is the reality. You also have to consider the demand of your property: when is the vacation time, where is it located, what is the size. Even if your property is in a desirable location and during a popular season, it still may sell for one-half to one-third the purchase price. When it comes to selling your unit, think of it more like selling a used car then selling a house.
3. Utilize the many resources to help you reach as many interested prospects as possible.
Besides your timeshare agents, check out both real estate agents and travel agents. Timeshare ownership would be interesting to both those who have seen value in purchasing real estate as well as those who like to travel. Just be ready to pay a finder's fee or commission. And if these agents do not ask for one, be nice and offer one.
4. Find Buyers On Your Own Online.
With the advancement of the internet, there is no shortage of classified ad space available to you. The two big ones would be Craigslist and Ebay (not an ad site, but auction site). With some internet searching you can find a lot more auction sites and ad sites that will either be a small fee or free to post to.
5. Rethink selling your timeshare for other possibilities.
Because timeshare resell value is so low, it may be better financially to keep it and do your best to gain the value back each year. As an example if you rent it out each year that may end up being a way to get more of your money back then selling it. It will take more time, but you will not lose as much money. Another option is donating the weeks you do not use to a charity where you can write the donation off (check your accountant first!)
I hope this has been helpful for you. After reading this you may find it a better option to rent your timeshare each year than to sell it. Either way whether you keep your timeshare or you sell your timeshare, I wish you luck.
Just consider how much time, effort, and money timeshare organizations put forth to get people to just come to a sales presentation. Besides all the contacting and calling, once you are there you can get a lot of free gifts and rewards just for attending the presentation. We have received personally gifts up to $200 worth just for attending (not to mention the free brunch!)
Has this ever made you think how easy it is to resell one once you have purchased it? The honest answer is it definitely is not. You need to already compete with the timeshare organizations and all the resources they have for selling. This also means you will have less means to find buyers and that you will possibly sell for a loss. This is why it is smart to not think of timeshares as monetary investments. They are great investments if you plan to use them, but they are not wise for financial reasons only.
True that many people buy timeshare with the intention of vacationing only but certain unforeseen circumstances may force some timeshare owners to resale their timeshare unit.
So the purpose of this article is to help those who will be looking to resell their purchase. Here are five tips to help you make a successful sale.
1. Check with the developer whom you originally made the purchase through.
Sometimes the developers offer the original buyer an option to resell their timeshare back to the developer. If not find out if your timeshare is associated with a licensed broker handling timeshare resale.
2. Be realistic about your resell options and expectations.
Unlike "traditional" real estate such as houses, homes, and condominiums, timeshare properties will often sell for less than the purchase price. That is the reality. You also have to consider the demand of your property: when is the vacation time, where is it located, what is the size. Even if your property is in a desirable location and during a popular season, it still may sell for one-half to one-third the purchase price. When it comes to selling your unit, think of it more like selling a used car then selling a house.
3. Utilize the many resources to help you reach as many interested prospects as possible.
Besides your timeshare agents, check out both real estate agents and travel agents. Timeshare ownership would be interesting to both those who have seen value in purchasing real estate as well as those who like to travel. Just be ready to pay a finder's fee or commission. And if these agents do not ask for one, be nice and offer one.
4. Find Buyers On Your Own Online.
With the advancement of the internet, there is no shortage of classified ad space available to you. The two big ones would be Craigslist and Ebay (not an ad site, but auction site). With some internet searching you can find a lot more auction sites and ad sites that will either be a small fee or free to post to.
5. Rethink selling your timeshare for other possibilities.
Because timeshare resell value is so low, it may be better financially to keep it and do your best to gain the value back each year. As an example if you rent it out each year that may end up being a way to get more of your money back then selling it. It will take more time, but you will not lose as much money. Another option is donating the weeks you do not use to a charity where you can write the donation off (check your accountant first!)
I hope this has been helpful for you. After reading this you may find it a better option to rent your timeshare each year than to sell it. Either way whether you keep your timeshare or you sell your timeshare, I wish you luck.
About the Author:
Want to find out more about how to buy or sell a timeshare, then visit Emil Yau's blogs sites to learn more about a timeshare information.
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